Performance Logistics Group Inc., based in Wayne, Mich., and Penske Truck Leasing Co., based in Reading, Pa., have agreed to a transaction that will see PLG acquire 100% of the stock of LAC Holding Corp.
LAC is the holding company for Penske’s interest in the Leaseway Auto Carrier group. As a result of the transaction Penske will receive a significant minority interest in PLG.
PLG is the parent of Performance Transportation Services, Inc. (PTS) who, with several subsidiaries, operates a nationwide automobile transportation business. PTS has 1,200 employees operating out of 15 terminals. LAC provides finished vehicle transportation services for original equipment manufacturers in the United States, Canada and Puerto Rico. LAC has 1,200 employees operating out of 14 terminals.
Following this acquisition, PLG will be the second largest provider of vehicle transport services in North America with annual revenue of about $350 million.
"PTS and Penske have similar cultures and share a strong commitment to our customers, shareholders and employees," says Rick Roger, president and chief executive officer of PTS. "Through the increased efficiencies realized by combining the two companies, PTS will be well equipped to continue providing high quality service to our customers."
Penske and PTS expect the transaction to be concluded within 45 days.
LAC is the holding company for Penske’s interest in the Leaseway Auto Carrier group. As a result of the transaction Penske will receive a significant minority interest in PLG.
PLG is the parent of Performance Transportation Services, Inc. (PTS) who, with several subsidiaries, operates a nationwide automobile transportation business. PTS has 1,200 employees operating out of 15 terminals. LAC provides finished vehicle transportation services for original equipment manufacturers in the United States, Canada and Puerto Rico. LAC has 1,200 employees operating out of 14 terminals.
Following this acquisition, PLG will be the second largest provider of vehicle transport services in North America with annual revenue of about $350 million.
"PTS and Penske have similar cultures and share a strong commitment to our customers, shareholders and employees," says Rick Roger, president and chief executive officer of PTS. "Through the increased efficiencies realized by combining the two companies, PTS will be well equipped to continue providing high quality service to our customers."
Penske and PTS expect the transaction to be concluded within 45 days.
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